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UK GDP grows 0.3 per cent in Q2 as household spending slows

24 August 2017

UK Gross Domestic Product (GDP) grew at a rate of 0.3 per cent in the first and second quarter of this year, reflecting no revisions from the earlier estimates.

Naeem Siddique, Investment Manager, Redmayne-Bentley, said: “The figures reflected a slowdown in household spending, which showed growth of 0.1 per cent compared with 0.4 per cent growth in the first quarter. 

“The UK’s services sector, which is the greatest contributor to the output growth of the UK, grew 0.5 per cent, contributing 0.4 percentage points to GDP, whilst production and construction both fell, detracting 0.1 percentage points from growth. 

“The figures confirm the UK to be the slowest growing of the G7 economies as the increased cost of imports weighed on the exports which have not surged as expected, following Sterling depreciation. Sterling initially fell on confirmation of the GDP figures, however, it swiftly regained those losses and trades over £1.28 against the US Dollar.”

 

Author: Ruth Peterson

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